MNI China Press Digest, July 22: China-U.S., Opening Up

     BEIJING (MNI) - The following lists highlights from China press reports on

Monday:

     Some Chinese companies have applied for tariff exemptions as they have

inquired about importing U.S. agricultural products, Xinhua News Agency reported

on Sunday. The exemption applications will be evaluated by experts appointed by

the Customs Tariff Commission, the report said. In order to meet the needs of

Chinese consumers, Chinese enterprises are willing to continue importing certain

agricultural products from the U.S., Xinhua said.

     China would lift some restrictions on foreign investment in the financial

sector in 2020, one year earlier than planned, according to a statement on the

PBOC website on Saturday. The statement said that restrictions on shareholding

limits on foreign ownership of securities, insurance and fund management firms

had been fast tracked. Foreign investors would also be encouraged to set up

wealth management firms, currency brokerages and pension management companies,

the statement said. Foreign-owned credit rating agencies would also be allowed

to evaluate all types of bonds in the interbank bond market as well as the

exchange bond market.

     The PBOC and the National Association of Financial Market Institutional

Investors are working on further expanding the business scope for foreign bank

operations in China, Shanghai Securities Journal reported today. Eligible

foreign banks would be able to apply for qualifications to underwrite all types

of bond issuance, beyond their current ability to only underwrite panda bonds

issued by non-financial corporates, the newspaper said.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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